Read the summary and the most important questions on Theories of Marketing

• 1 Week 1

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• What is a business or marketing philosophy and which have we seen in the past?

  A way to approach the market - functions and actions to deliver customer value on strategic and tactical level
  
  - production approach
  - selling approach
  - marketing approach

• What is the biggest difference between marketing in the '80s and now

  Marketing transformed from exchanging goods to creating customer value. In other words from transaction and product driven to relation and value driven

• What is the main difference between marketing 1.0, 2.0 and 3.0?

  Marketing 1.0 = sell products
  Marketing 2.0 = satisfy and retain the consumer
  Marketing 3.0 = Make the world a better place

• What is market orientation?

  Market orientation is the organisation culture that most effectively and efficiently creates the necessary behaviors for the creation of superior value for buyers and, thus, longterm superior performance of the business

• What was the goal of the marketing orientation article?

  That the buzz that the outside in approach is really profitable

• Why should the whole company be aligned?

  Because if one chain in the value chain has a different approach, the whole market orientation will not work and affect profitability

• What are the effects of market orientation on profitability according the article?

  Difference between (non) commodity markets (commodity markets: there is no differentiation and it is all about price) -> in commodity markets one should be totally not market oriented or full market oriented, so the market is U-shaped. This is so because market orientation is a costly thing. So either don’t invest or invest fully because differentiation is very important because the company can add value. 

• Why does the effect on profitability by market orientation diminish?

  Because so many companies implement this orientation the market becomes obsolete. But, market orientation is a basis for companies to stay competitive. It's like Hygiene, you need it but you do not differentiate towards the competition.

• What are the three high performance marketing principles?

  Big data, deep insight (only big data is not enough)
  Purposeful positioning (Talk about what you are as a company and how you interrelate to employees and the environment) (purposeful positioning focuses on functional, emotional and societal benefits)
  Total experience (deep experience by obtaining extra information to better help the customer of broad experience by creating extra touchpoints)

• Can the high performance marketing principles be linked to the U-shape of the commodity market?

  Probably not, because these three points need high investments, so cannot happen with no investments